Monday, January 27, 2014

Nizam's £34 Million Case Again Making Headlines

Background :
>> (In 1948) ...  the richest man in the world deposited £1m in a London account. It's been there ever since, and today it could be worth ...m. But no one can lay a finger on it. Luke Harding on a tale of sex, greed, international politics - and the NatWest bank [A prince's ransom, The Guardian]
>> "The origins of the Hyderabad Funds Case, dating back to September 1948, related to the transfer of over £1 million sterling from the account of the government of the Nizam of Hyderabad to Habib Ibrahim Rahimtoola, the then High Commissioner of Pakistan in London.
The transfer was made by the Nizam's finance minister without the ruler's approval. The transfer instructions were irregular as the finance minister had no power to do so.
The Nizam's subsequent instructions to re-transfer the funds were not complied with, leading to arbitration in the British courts.
The matter also went up to the House of Lords. It held that the legal title to the money vested in the Pakistan government, which was not asserting a beneficiary title to the fund." [source]
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